TFI International has announced the launch of an IPO as well as its 2019 full-year financial results.
The company has announced the launch of a marketed offering of 6m common shares in the United States and Canada, representing TFI International’s initial public offering (IPO) in the United States.
TFI International, already listed on the Toronto Stock Exchange under the symbol “TFII”, will continue to trade TFI International’s common shares. In connection with the IPO in the United States, TFI International has applied to list its common shares on the New York Stock Exchange (NYSE) under the symbol “TFII.” Trading in TFI International’s shares is expected to commence on the NYSE following the pricing of the offering.
TFI International expects to use the net proceeds from the offering to reduce the amount outstanding under one of its credit facilities, thereby increasing the amount available under the credit facility for future use by TFI International. TFI International may use the credit facility in the future for working capital and general corporate purposes, including potential acquisitions.
In terms of 2019 revenue, TFI International’s total revenues amounted to C$*5.18bn, up from C$5.12bn in 2018 or 1% year-on-year. Operating income totalled C$511.6m, or 11% of revenue before fuel surcharge, an increase of 19% compared to C$430.5m and 9.5% of revenue in 2018. Adjusted EBITDA from continuing operations increased by 26% year-on-year to C$864.5m. Net income from continuing operations increased from C$292.0m in 2018 to C$324.5m in 2019.
During 2019, revenue grew 7% for Truckload and 4% for Logistics and declined -1% for Package and Courier and -8% for Less-Than-Truckload in comparison to the previous year. Operating income was up 28% for Less-Than-Truckload, 23% for Truckload and 40% for Logistics, and down -4% for Package and Courier.
Source: TFI International Inc.
*C$1=US$0.75 / C$1=€0.69
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